Written By Robert Herzog
As some of you may already know, I specialize in helping homeowners avoid foreclosure through the use of short sales. Recently, I dealt with a very interesting case involving Indymac/OneWest Bank, that I felt needed to be brought to the attention of all American taxpayers.Â
Basically, IndyMac Bank (now OneWest Bank), is holding one of my clients hostage, demanding a $75k promissory note, or they will proceed to foreclosure. For the life of me, I couldn’t figure out why they were doing this. The BPO came in at the contract price of $275k, with a net to IndyMac of $241k. What advantage could there possibly be for them to proceed to foreclosure? Continue reading ‘Is The FDIC Killing Indymac OneWest Bank Short Sales & Loan Modifications?’
Ammendment 4 will destroy our effective representative republic. By forcing every ammendment to the Manatee County Comprehensive Plan to be voted on by the public will not only bankrupt our county but will halt all future growth, wether bad or good!
 Don’t believe the hype! It ruined St. Pete Beach, don’t let it happen here!
ammendment4.pdf
20100205_insiders_briefing.ppt
There are a lot of Realtors that don’t comprehend the whole idea of working with short sale investors. Here is my argument for short sale flips:Â
By keeping a home on the market that is delinquent and not having the short sale process begin is just as bad as low-balling the price. You see, when the home owner doesn’t pay the mortgage they not only rack up a deficiency but they also compound legal fees and late payment fees. With our approach the property automatically goes into short sale, negating all those excess fees and delinquency and putting the home owner in the best possible position with regards to evading foreclosure, which is the absolute goal. Continue reading ‘Argument for short sale flipping.’
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. Continue reading ‘Frequently Asked Questions About the First-Time Home Buyer Tax Credit’
Foreclosure sales are sales of properties ordered sold pursuant to final judgments in foreclosure actions. The properties are offered for sale to the highest bidder in order to satisfy the judgment. The Clerk’s Office conducts the sale or public auction in accordance with Florida Statutes. The information below offers a general overview of the foreclosure process, however these proceedings are governed by Florida Statutes and appellate case law interpreting these statutes. Anyone participating in these auctions should research not only the properties involved but foreclosure court case and all the law governing the process. Continue reading ‘Foreclosure Sales’
WASHINGTON (AP) – Citigroup Inc. plans to let homeowners on the verge of foreclosure stay in their homes for six months — if they turn over the deed to their property.
Citi said Thursday it is launching the pilot program, dubbed “Foreclosure Alternatives,†this week in Texas, Florida, Illinois, Michigan, New Jersey and Ohio. Initially, about 1,000 homeowners are expected to participate. Citi may expand the program nationwide. Continue reading ‘Citigroup (Citibank) Foreclosure Alternatives’
U.S. home values declined another 5 percent in the fourth quarter, compared to the previous year. This was the 12th straight quarter of year-over-year declines, reported Zillow.com.
More than 29 percent of homes sold in 2009 in the U.S. went for less than sellers originally paid for them, Zillow said, estimating that more than 20 percent of U.S. home owners owe more on their mortgages than their properties are worth.
“While the next few months are likely to bring further home value declines in most markets, we do expect to see a national bottom in home prices by the middle of this year,†Zillow Chief Economist Stan Humphries said in a statement. “Thereafter, home values are likely to bounce along the bottom with real appreciation remaining negligible for some time.â€
Source: Bloomberg, Daniel Taub (02/10/2010)
INFO THAT HITS US WHERE WE LIVEÂ
The week began with December Existing Home Sales dropping 16.7%. Some observers felt this was the result of uncertainty over the homebuyer tax credit, scheduled to expire at the end of November. The tax credit was, as we now know, extended into this year, but it wasn’t announced soon enough to help December sales. Nonetheless, Existing Home Sales are UP 15.0% over a year ago. And the median price of an existing home is now $178,300, UP 1.5% over a year ago and the best year-over-year comp since 2006. Finally, inventories are now down to 3.29 million, their lowest reading since March 2006. Continue reading ‘Sarasota County Real Estate, Week in Review: Feb. 1′
SARASOTA, Fla. – Feb. 1, 2010 – After five months of seeking a mortgage loan modification, Jeffery Feig’s approval package arrived in March. His payment was cut in half.
But two months later, Bank of America called with bad news: The lender changed its mind and wanted him to start paying the larger amount again. Continue reading ‘Modified loans tricky to land’
WASHINGTON – Feb. 1, 2010 – Fannie Mae, the largest provider of residential home funding in the United States, announced on Friday that it would start to pay closing costs for buyers of foreclosed homes in its inventory. Buyers of qualified properties will get up to 3.5 percent in closing costs or an equivalent amount for the purchase of new appliances. Continue reading ‘Fannie to offer closing cost aid on foreclosures’
.jpg)
.jpg)
FL Broker #CQ1003173. 7411 Manatee Avenue W Suite 100 Bradenton, FL 34209
An Equal Housing Opportunity Realtor®